Altos reports that active single-family inventory was up 0.4 week-over-week. Inventory might have bottomed the previous week.
Click on graph for larger image.
This inventory graph is courtesy of Altos Research.
As of March 17th, inventory was at 414 thousand (7-day average), compared to 413 thousand the prior week.
The second graph shows the seasonal pattern for active single-family inventory since 2015.
The red line is for 2023. The black line is for 2019. Note that inventory is up from the previous two years (the record low was in 2022), but still well below normal levels.
Inventory was up 68.6% compared to the same week in 2022 (last week it was up 66.8%), and down 49.7% compared to the same week in 2019 (last week down 49.5%).
A key will be when inventory starts increasing in 2023 – and this might be the start of the usual summer increase in inventory.
Mike Simonsen discusses this data regularly on Youtube.